Maier Jankovits pays $3.9M to Seagram Properties for LIC dev site

Maier Jankovits through the entity 37-25 32nd Street LLC paid $3.9 million to Seagram Properties through the entity London & Bristol, LLC for the development parcel (V1) at 37-27 32nd Street in Long Island City, Queens.
The deal closed on December 21, 2022 and was recorded on December 30, 2022. The property has zero square feet of built space and 14,316 square feet of additional air rights for a total buildable of 14,316 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $272 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on June 12, 2017, for $2.9 million. The signatory for Seagram Properties was Paul Daniel Conway. The signatory for Maier Jankovits was Maier Jankovits.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Maier Jankovits purchased two properties in two transactions for a total of $12.8 million and has no record it sold any properties over the past 24 months.
The seller Seagram Properties had not purchased any other properties and sold two properties in two transactions for a total of $13.6 million over the same time period.

The property

The 37-27 32nd Street parcel has frontage of 50 feet and is 95 feet deep with a total lot size of 4,772 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $573,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $6,250 in ECB penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 28, 2022. On the lot, there is one active new building construction project for a 18-unit, 14,069 square-foot R-2 building. The project was developed by Daniel Conway with plans filed August 27, 2019 and it has not been permitted yet.

The neighborhood

In Long Island City, the bulk, or 33 percent of the 62.1 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 5th most active neighborhood among other neighborhoods. It had 8.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing zero square feet of the 144,829 square feet. The identified owner is Century Development Group.
On the tax block, there were two new building construction projects totaling 72,323 square feet. The largest is a 64-unit, 58,254-square-foot R-2 building developed by George Xu with plans filed October 19, 2020 and it has not been permitted yet. The second largest is a 18-unit, 14,069-square-foot R-2 building developed by Daniel Conway with plans filed August 27, 2019 and it has not been permitted yet.

The majority, or 75 percent of the 144,829 square feet of built space are elevator buildings, with industrial buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Seagram Properties owned at least two commercial properties in New York City with 22,877 square feet and a city-determined market value of $6.7 million. (Market value is typically about 50% of actual value.) The portfolio has $8.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 53 percent of the 22,877 square feet of built space are elevator properties, with mixed-use properties next occupying 47 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Queens next at 47 percent of the space.

The buyer

The PincusCo database currently indicates that Maier Jankovits owned at least three commercial properties in New York City with 23,185 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $10.2 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 46 percent of the 23,185 square feet of built space are development properties, with elevator properties next occupying 40 percent of the space. They are all located in Brooklyn.

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